加密貨幣：數位貨幣的興起、衰退與未來

加密貨幣在利率上升的背景下大幅下滑之前，人氣飆升，現已從默默無聞發展成為廣受追捧的投資。加密貨幣作為透過密碼學保護的去中心化數位貨幣運行，促進匿名交易而無需中央當局的監督。儘管很複雜，但加密貨幣機制可以簡化以便更好地理解。

Over the last decade, cryptocurrency has gone from an obscure asset to a wildly popular investment before falling significantly amid increasing interest rates. Cryptocurrencies are a form of digital currency secured through cryptography and computer networks. These currencies are not overseen by traditional central institutions, like a government or bank, and transactions are performed while maintaining the semi-anonymity of buyers and sellers.

在過去的十年中，加密貨幣已經從一種不起眼的資產變成了一種廣受歡迎的投資，然後隨著利率的上升而大幅下跌。加密貨幣是一種透過密碼學和電腦網路保護的數位貨幣。這些貨幣不受政府或銀行等傳統中央機構的監管，交易是在保持買家和賣家半匿名的情況下進行的。

How cryptocurrencies work can sometimes be complex. Below is an easy-to-follow guide on the most important things to know about digital currencies and new developments in the crypto market.

加密貨幣的工作原理有時可能很複雜。以下是一份簡單易懂的指南，介紹了有關數位貨幣和加密貨幣市場新發展的最重要知識。

Learn about cryptocurrency

了解加密貨幣

• Cryptocurrency was born out of the Great Recession, as the concern over central bank powers grew, and users found a way to decentralize money.

  美元幣加密貨幣誕生於經濟大衰退，當時人們對央行權力的擔憂日益加劇，而用戶則找到了分散資金的方法。

• The first cryptocurrency, Bitcoin, was launched in 2009. Its first transaction was used for two Papa John’s pizzas.

  第一種加密貨幣比特幣於 2009 年推出。

• Cryptocurrencies are made possible by a technology called blockchain, which acts as an electronic ledger for anonymous digital transactions.

  加密貨幣是透過一種稱為區塊鏈的技術成為可能的，該技術充當匿名數位交易的電子分類帳。

• Bitcoin began with a value of less than a penny, and at its historical high hit more than $73,000.

  比特幣最初的價值不到一美分，後來達到歷史最高點超過 73,000 美元。

• Since its inception, more than 21,000 different cryptocurrencies have evolved and followed in Bitcoin’s footsteps. Ethereum and Tether sit behind Bitcoin in value to round out the top three.

  自誕生以來，已有超過 21,000 種不同的加密貨幣不斷發展並追隨比特幣的腳步。以太坊和 Tether 的價值僅次於比特幣，躋身前三名。

• 26 percent of millennials owned Bitcoin, according to a July 2023 Morning Consult survey, compared to 14 percent of all U.S. adults.

  根據 2023 年 7 月 Morning Consult 的調查，26% 的千禧世代擁有比特幣，而美國成年人的比例為 14%。

• Global mining for the largest cryptocurrencies is estimated to create between 110 – 170 million metric tons of carbon dioxide emissions per year, according to a White House report.

  據白宮報告稱，全球最大的加密貨幣開採活動預計每年將產生 1.1 至 1.7 億噸二氧化碳排放。

Types of cryptocurrency

Crypto market rise and fall

• Following the 2008 recession, an individual or group by the name of Satoshi Nakamoto created a white paper to address central bank control of money and the control governments had over citizens’ money.

  在加密貨幣市場的興衰 2008 年經濟衰退之後，一位名叫中本聰 (Satoshi Nakamoto) 的個人或團體創建了一份白皮書，以解決央行對貨幣的控制以及政府對公民貨幣的控制問題。

• In 2009, Bitcoin was created, launching cryptocurrency from academic concept to real-world currency contender.

  2009年，比特幣誕生，使加密貨幣從學術概念走向現實世界的貨幣競爭者。

• Bitcoin was intended to eliminate the control, oversight and fees associated with cash transactions. The legitimacy provided by third-party institutions like banks was supposed to be replaced by cryptographic networks online.

  比特幣的目的是消除與現金交易相關的控制、監督和費用。銀行等第三方機構提供的合法性應該被線上加密網路所取代。

• On Jan. 3, 2009, the first blockchain was launched with the first “block” called the genesis block.

  2009 年 1 月 3 日，第一個區塊鏈推出，第一個「區塊」稱為創世區塊。

• The first actual transaction with Bitcoin took place on May 22, 2010 when a Florida man negotiated to have two Papa John’s pizzas worth $25 delivered in exchange for 10,000 bitcoins. This established the first actual value of Bitcoin, at 4 bitcoins per penny. Fans have since dubbed this day “Bitcoin Pizza Day.”

  第一筆實際的比特幣交易發生在 2010 年 5 月 22 日，當時一名佛羅裡達男子協商用 10,000 個比特幣換取兩份價值 25 美元的棒約翰披薩。這確立了比特幣的第一個實際價值，即每便士 4 比特幣。此後，粉絲們將這一天稱為「比特幣披薩​​日」。

• In February 2011, Bitcoin’s price passed the $1 threshold. Roughly 13 years later, Bitcoin hit an all-time high of $73,750 in March 2024.

  2011年2月，比特幣價格突破1美元大關。大約 13 年後，比特幣在 2024 年 3 月觸及 73,750 美元的歷史新高。

• Since Bitcoin’s inception, more than 21,000 different cryptocurrencies have been created.

  自比特幣問世以來，已有超過 21,000 種不同的加密貨幣被創建。

• Bitcoin is the most valuable coin in circulation, with Ethereum and Tether in second and third place, respectively.

  比特幣是流通中最有價值的貨幣，以太幣和 Tether 分別位居第二和第三。

• The value of all existing cryptocurrency is around $2.33 trillion, with around $1.2 trillion of that being attributed to Bitcoin (as of May 6, 2024), according to CoinMarketCap.com.

  根據 CoinMarketCap.com 的數據，所有現有加密貨幣的價值約為 2.33 兆美元，其中約 1.2 兆美元來自比特幣（截至 2024 年 5 月 6 日）。

• The global payments revenue is expected to top $3 trillion by 2026, according to a McKinsey report.

  麥肯錫報告顯示，到 2026 年，全球支付收入預計將突破 3 兆美元。

• As of May 5, 2024, the size of the Bitcoin blockchain is approximately 570 gigabytes, about 19 percent higher than where it was one year ago.

  截至 2024 年 5 月 5 日，比特幣區塊鏈的大小約為 570 GB，比一年前增加約 19%。

Cryptocurrency statistics: Investors and demographics

• About 21 percent of American adults have owned cryptocurrency as of 2022, according to NBC News.

  加密貨幣統計數據：投資者和人口統計數據根據 NBC 新聞報道，截至 2022 年，約 21% 的美國成年人擁有加密貨幣。

• India is ranked at the top of Chainalysis’s global crypto adoption index, as of Sept. 2023, followed by Nigeria and Vietnam, to round out the top three.

  截至 2023 年 9 月，印度在 Chainaanalysis 的全球加密貨幣採用指數中名列前茅，其次是奈及利亞和越南，躋身前三名。

• Many high adopters are developing markets, such as Ukraine, Indonesia and the Philippines, according to Chainalysis.

  據 Chainaanalysis 稱，許多高採用者正在發展中市場，例如烏克蘭、印尼和菲律賓。

• In the United States, high-income earners are disproportionately represented among crypto investors, with those making $100,000 or more annually comprising 25 percent of crypto owners but only 15 percent of the general public.

  在美國，高收入者在加密貨幣投資者中所佔比例過高，年收入 10 萬美元或以上的人佔加密貨幣所有者的 25%，但僅佔一般大眾的 15%。

• About 70 percent of cryptocurrency owners are men, but they represent only 48 percent of the general population, according to a report by Morning Consult. Women comprise 30 percent of crypto owners but 52 percent of the general population.

  根據 Morning Consult 的一份報告，大約 70% 的加密貨幣所有者是男性，但他們只佔總人口的 48%。女性佔加密貨幣所有者的 30%，但佔總人口的 52%。

• U.S. crypto ownership by ethnicity, in 2021, according to Morning Consult:

  根據 Morning Consult 的數據，2021 年美國按種族劃分的加密貨幣所有權情況：

Cryptocurrency’s environmental impact

Although cryptocurrencies have created a new, alternative method of payment, the production of cryptocurrency has been mired in controversy because of the energy required to produce it.

加密貨幣的環境影響儘管加密貨幣創造了一種新的替代支付方式，但由於生產加密貨幣所需的能源，加密貨幣的生產一直陷入爭議。

Bitcoin and other cryptocurrencies are “mined” on decentralized computer networks that act much like a large ledger. This ledger tracks each transaction of cryptocurrency, and computers throughout the network verify and process each transaction through a blockchain database.

比特幣和其他加密貨幣是在分散的電腦網路上「開採」的，其作用很像一個大型分類帳。此分類帳追蹤加密貨幣的每筆交易，整個網路的電腦透過區塊鏈資料庫驗證和處理每筆交易。

Think of it like a long receipt that records every transaction in a cryptocurrency. As transactions are processed and verified, new bitcoins are created, or mined. Mining is the process of adding another entry onto the receipt, or another block to the chain.

你可以把它想像成一張長收據，以加密貨幣記錄每筆交易。隨著交易的處理和驗證，新的比特幣被創建或開採。挖掘是在收據上添加另一個條目或在鏈上添加另一個區塊的過程。

This process requires high-powered and sophisticated computers – and a lot of electricity. Bitcoin alone used an estimated 158 terawatt-hours of electricity annualized as of May 2024 – more than Ukraine and Pakistan – according to the Cambridge Bitcoin Electricity Consumption Index.

這個過程需要高性能和複雜的電腦以及大量的電力。根據劍橋比特幣電力消耗指數，截至 2024 年 5 月，光是比特幣每年就消耗了 158 太瓦時的電力，超過了烏克蘭和巴基斯坦。

Bankrate insights

燈泡銀行利率見解

Bitcoin mining consumes so much electricity that it accounts for 0.62 percent of the entire world’s electricity consumption as of May 2024, according to the Cambridge index. Mining for Bitcoin alone is estimated to create 80.1 million metric tons of carbon dioxide emissions per year, comparable to those created by Greece, according to the Cambridge index.

根據劍橋指數，截至 2024 年 5 月，比特幣挖礦消耗的電力如此龐大，佔全球電力消耗的 0.62%。根據劍橋指數，據估計，光是比特幣開採每年就會產生 8,010 萬噸二氧化碳排放量，與希臘的二氧化碳排放量相當。

Other key facts show the environmental impact of cryptocurrency:

其他關鍵事實顯示了加密貨幣對環境的影響：

• If Bitcoin were a country, it would be in the top 40 energy users worldwide, according to Digiconomist.

  據 Digiconomist 稱，如果比特幣是一個國家，它將躋身全球前 40 位能源用戶之列。

• One Bitcoin transaction’s carbon footprint is equivalent to more than 762,000 Visa transactions, according to Digiconomist.

  據 Digiconomist 稱，一筆比特幣交易的碳足跡相當於超過 762,000 筆 Visa 交易。

• Bitcoin emissions alone could increase average global temperature above 2°C, according to research in the journal Nature Climate Change.

  根據《自然氣候變遷》雜誌的研究，僅比特幣排放就可能使全球平均氣溫升高 2°C 以上。

• It is even estimated that Bitcoin mining consumes the same amount of electricity as all the data centers in the world, according to research in the journal Joule.

  根據《焦耳》雜誌的研究，甚至估計比特幣挖礦消耗的電量與世界上所有資料中心消耗的電量相同。

Crypto taxes and economic statistics

When cryptocurrencies were first created, it was nearly impossible for government tax agencies to track them. The hallmark of blockchain transactions is anonymity, meaning one could not prove the identity of the buyer or the seller.

加密貨幣稅收和經濟統計當加密貨幣首次創建時，政府稅務機構幾乎不可能追蹤它們。區塊鏈交易的特點是匿名，這意味著無法證明買方或賣方的身份。

In 2014, the IRS stated that cryptocurrency was to be treated as property for federal income tax purposes. Although the agency itself has not released official estimates yet, an analysis from Barclays Bank figures that the IRS loses an estimated $50 billion per year from taxes that should be paid on cryptocurrency assets.

2014 年，美國國稅局 (IRS) 表示，出於聯邦所得稅目的，加密貨幣將被視為財產。儘管該機構本身尚未發布官方估計，但巴克萊銀行的一項分析顯示，美國國稅局每年因加密貨幣資產應繳納的稅款而損失約 500 億美元。

Buying and holding cryptocurrency is not considered a taxable event. You can buy and hold the crypto for as long as you want, though you do have to disclose that on your tax return, but once you decide to sell (or realize the gain or loss) you will need to report the amount of profit or loss from the sale.

購買和持有加密貨幣不被視為應稅事件。您可以根據需要購買並持有加密貨幣，儘管您必須在報稅表上揭露這一點，但一旦您決定出售（或實現收益或損失），您將需要報告利潤或利潤金額銷售損失。

Is crypto the future of money?

The popularity of cryptocurrency has grown in recent years as access to crypto has become easier. The asset is still incredibly volatile, and in 2022 rising interest rates caused selloffs in Bitcoin, as skittish investors offloaded speculative assets. Bitcoin recovered somewhat in 2023, and reached a new high in March 2024.

加密貨幣是貨幣的未來嗎？該資產的波動性仍然令人難以置信，2022 年利率上升導致比特幣遭到拋售，因為不安的投資者紛紛拋售投機資產。比特幣在 2023 年有所回升，並在 2024 年 3 月創下新高。

The volatility of major cryptocurrencies such as Bitcoin makes them difficult, if not impossible, to use as currencies. Major currencies need to be mostly stable in order to act as a medium of exchange. So the ideas that cryptocurrencies can be both trading vehicles for profit and functional currencies to transact are at odds with each other.

比特幣等主要加密貨幣的波動性使得它們很難甚至不可能用作貨幣。主要貨幣需要保持穩定才能充當交換媒介。因此，加密貨幣既可以作為利潤交易工具又可以作為交易功能貨幣的想法是相互矛盾的。

Governments around the world, including the United States, have also started to analyze how to regulate cryptocurrency. On March 9, 2022, U.S. President Joe Biden signed an executive order calling for a broad review of digital assets, including cryptocurrencies. Federal agencies are reviewing digital currencies and assessing the risk they pose to overall financial stability, among other considerations.

包括美國在內的世界各國政府也開始分析如何監管加密貨幣。 2022 年 3 月 9 日，美國總統拜登簽署了一項行政命令，呼籲對包括加密貨幣在內的數位資產進行廣泛審查。聯邦機構正在審查數位貨幣，並評估它們對整體金融穩定構成的風險等。

Bankrate insights

燈泡銀行利率見解

The difficulties of tax reporting and the controversy surrounding crypto have resulted in the digital asset being entirely banned in more than a dozen countries including Qatar, Saudi Arabia and China. China, which used to account for the majority of the world’s Bitcoin mining, has now outlawed cryptocurrencies altogether as well.

稅務報告的困難和圍繞加密貨幣的爭議導致數位資產在包括卡達、沙烏地阿拉伯和中國在內的十多個國家被完全禁止。中國曾經佔世界比特幣開採量的大部分，現在也完全禁止了加密貨幣。

So far, El Salvador and the Central African Republic accept crypto as legal tender, although both countries have had significant problems with its implementation.

到目前為止，薩爾瓦多和中非共和國接受加密貨幣作為法定貨幣，儘管這兩個國家在實施方面都存在重大問題。

Cryptocurrency, although available as a method of payment for some companies scattered throughout the world, has not made the official leap as a widely available currency. Several major companies already accept cryptocurrency as a form of currency or payment, but the list is relatively limited:

加密貨幣雖然可以作為分散在世界各地的一些公司的支付方式，但尚未正式成為廣泛使用的貨幣。幾家大公司已經接受加密貨幣作為貨幣或支付形式，但名單相對有限：

• AT&T offers customers a payment option through BitPay.

  AT&T 透過 BitPay 為客戶提供付款選項。

• Microsoft allows Bitcoin to pay for Xbox store credits.

  微軟允許比特幣支付 Xbox 商店積分。

• Game streaming platform Twitch accepts Bitcoin and Bitcoin Cash as payment.

  遊戲串流平台 Twitch 接受比特幣和比特幣現金作為付款方式。

• AMC theaters allow moviegoers to purchase tickets with Bitcoin and other cryptos.

  AMC 影院允許電影觀眾使用比特幣和其他加密貨幣購買門票。

• The Dallas Mavericks allow the use of Bitcoin for purchasing game tickets and merchandise through the team’s website.

  達拉斯小牛隊允許使用比特幣透過球隊網站購買比賽門票和商品。

However, many other companies have introduced the ability to pay with cryptocurrency but then rescinded it when customers failed to actually use it.

然而，許多其他公司已經引入了使用加密貨幣支付的功能，但當客戶未能實際使用它時又取消了它。

Cryptocurrency FAQ

• What happens if you dont report cryptocurrency on taxes?

  加密貨幣常見問題如果您不向加密貨幣納稅，會發生什麼情況？

  You can get into serious trouble with the IRS if you don’t declare all your income and pay taxes on it, including stiff financial penalties and potential criminal penalties such as prison time. You may need to respond to a couple items on your annual tax return, depending on your activities.

  如果您不申報所有收入並為其納稅，您可能會遇到美國國稅局的嚴重麻煩，包括嚴厲的經濟處罰和潛在的刑事處罰，例如監禁。根據您的活動，您可能需要對年度報稅表上的幾個項目做出回應。

  For all taxpayers, the IRS asks you whether you’ve transacted in cryptocurrency each year on your Form 1040 tax form. So if you’ve bought or sold cryptocurrency during the tax year, you’ll need to declare that on your taxes – or risk lying on your return.

  對於所有納稅人，美國國稅局 (IRS) 每年都會在 1040 稅表上詢問您是否進行過加密貨幣交易。因此，如果您在納稅年度內購買或出售了加密貨幣，則需要在稅款中進行申報，否則將面臨報稅表上的風險。

  In addition, if you’ve turned a profit on your crypto trades, you’ll need to report that capital gain and pay taxes on it. Alternatively, if you’ve lost money on your trades, you can claim a loss as well as a tax break.

  此外，如果您在加密貨幣交易中獲利，則需要報告資本利得並納稅。或者，如果您在交易中虧損，您可以申請損失和稅收減免。

• How do beginners invest in cryptocurrency?

  初學者如何投資加密貨幣？

  Cryptocurrency’s volatile nature, the fact that it is not based on a hard asset or cash flow of an underlying entity and the controversy surrounding its climate impact make it a very speculative investment. Even a more established coin like Bitcoin is risky. All cryptocurrencies are fairly new, and it is difficult to compare asset-backed investments like stocks to digital currencies that are backed purely by investor sentiment.

  加密貨幣的波動性、它並非基於硬資產或基礎實體的現金流這一事實，以及圍繞其氣候影響的爭議，使其成為一種投機性很強的投資。即使像比特幣這樣更成熟的貨幣也存在風險。所有加密貨幣都是相當新的，很難將股票等資產支持投資與純粹由投資者情緒支持的數位貨幣進行比較。

  Beginners should only make crypto a small part (less than 5 percent) of a diversified portfolio that includes stocks and other established wealth-building assets. Investors need to understand exactly how cryptocurrency works – and here’s what else you need to know.

  初學者應該只將加密貨幣作為多元化投資組合的一小部分（少於 5％），其中包括股票和其他已建立的財富累積資產。投資人需要準確了解加密貨幣的運作方式—以下是您還需要了解的內容。

• What is cryptocurrency mining?

  什麼是加密貨幣挖礦？

  Crypto mining is the process of creating new coins on a given blockchain such as Bitcoin’s. Computers operating these decentralized blockchain networks solve complex mathematical problems to try to earn bitcoins. These high-powered computers compete with one another to solve the problems in the hope that they are rewarded with the bitcoins up for grabs.

  加密貨幣挖礦是在給定的區塊鏈（例如比特幣）上創建新硬幣的過程。運行這些去中心化區塊鏈網路的電腦解決複雜的數學問題，試圖賺取比特幣。這些高效能電腦相互競爭來解決問題，希望能夠獲得比特幣作為獎勵。

  Mining is extremely energy-intensive and creates significant carbon emissions, among other negatives. Here are further details into how it all works.

  採礦業是能源密集產業，會產生大量碳排放等負面影響。以下是有關其工作原理的更多詳細資訊。

• Where to buy cryptocurrency?

  在哪裡購買加密貨幣？

  Traders can buy cryptocurrency at many places nowadays, including traditional payment apps such as PayPal and Venmo, investing apps such as Robinhood and Webull, crypto exchanges such as Coinbase as well as a few traditional brokerages such as Interactive Brokers.

  如今，交易者可以在許多地方購買加密貨幣，包括 PayPal 和 Venmo 等傳統支付應用程式、Robinhood 和 Webull 等投資應用程式、Coinbase 等加密貨幣交易所以及 Interactive Brokers 等一些傳統券商。

  If you’re looking to buy crypto, here are some of the top exchanges and apps to consider.

  如果您想購買加密貨幣，請考慮以下一些頂級交易所和應用程式。

— Georgina Tzanetos wrote a previous version of this story.

— 喬治娜·察內托斯 (Georgina Tzanetos) 寫了這個故事的先前版本。